Sokoman Minerals (SIC) - Moosehead Drilling & Gold, Kraken Li Drilling in Q2

Sokoman Minerals Corp. is a junior Canadian exploration and development company focused on gold and critical minerals in Newfoundland and Labrador, Canada. The company’s flagship project, the Moosehead Gold project is located in central Newfoundland, next to the Trans-Canada Highway and holds a land position of 2,450 hectares. The company also holds a strategic alliance with Benton Resources Inc. which includes the Grey River Gold project, the Kepenkeck Gold project and the Golden Hope project which is located in Southern Newfoundland, holding a land position of approximately 78,650 hectares and hosting gold, lithium and critical minerals. 

Sokoman Minerals Corp. on the 8^th of February 2022 reported that it had intercepted significant gold mineralisation at the main eastern trend approximately 200 m up hole from the 463 zone of the Moosehead gold project. The assay results show the interception of 9.75 g/t of gold over 21.35 m which included a mineralisation interval of 21.82 g/t of gold over 7.75 m. The company is underway with further exploration and expansion drilling, utilising 2 drill rigs, with a 3^rd planned to be added at the project.

Sokoman Minerals Corp. on the 16^th of February 2023 published the final assay result from the phase 3 drill program, conducted in December 2022, at its Golden Hope joint venture project. The drilling totalled 1,607 m consisting of 11 drill holes and included the initial drilling at the project’s Killick Zone as well as the Kraken zone and the West Kraken zone. The Killick zone showed mineralisation of up to 0.64% Li₂O over 14.74 m and 1.04% Li₂O over 15.23 m. The Kraken zone showed mineralisation of up to 1.02  Li₂O over 2.10 m and 1.18% Li₂O over 2.10 m, with the Kraken West Zone showing 1.25% Li₂O over 1.50 m.

Sokoman Minerals Corp. believes that the greatest value addition activity it can conduct is the continued exploration of its projects. The company will in the coming year continue with its exploration initiatives. A phase 4 drill program consisting of a minimum of 5,000 m of drilling is planned to commence at the Golden Hope Joint Venture in Q2 2023.

Moosehead gold project activities

The company’s flagship project, the Moosehead Gold project is located next to the Trans-Canada Highway and holds a land position of 2,450 hectares. The project has historic drill samples that show up to 170 g/t of gold over 1.53 m. Sokoman Minerals Corp. is currently underway with its phase 6 drilling campaign at the project. The phase 6 drilling program is set to total 100,000 m of exploration drilling. Timothy Froude, the President and CEO of Sokoman Minerals Corp. explains that the company whilst currently underway with the phase 6 drilling does not intend to stop soon.

“Right now we're involved in a 100,000 m program which is our largest programme to date. Collectively, we've drilled just under 100,000 m in the previous 5 phases and we have about 20,000 m left in the current phase. It's just a number, we're not going to stop drilling when we hit 100,000 m, trust me, there's a lot more work to be done here”

The company is utilising two drill rigs at the project with the drilling initiatives focused on expanding the 463 Zone of the Moosehead gold project. Froude explains that due to the mineralisation structure, the company has had to re-evaluate its drilling technique to better understand the zone’s gold mineralisation.

“We're currently drilling with 2 rigs, there's a 3^rd rig in the shop right now. But we're targeting a new zone of mineralization that we hit just before Christmas, we call it the 463 Zone. We think it's a folded splay off of the main structure which we call the Eastern Trend. Right now, we're wedging off a couple of holes off of a parent hole to try and cut through what we think is a perpendicular zone to the main trend, which is why basically we've had to drill almost completely opposite to what we've been normally accustomed to drilling when you're trying to drill off a Gold deposit.”

Sokoman Minerals Corp. on the 8^th of February 2022 reported that it had intercepted significant gold mineralisation at the main eastern trend approximately 200 m up hole from the 463 zone of the Moosehead gold project. The assay results show the interception of 9.75 g/t of gold over 21.35 m which included a mineralisation interval of 21.82 g/t of gold over 7.75 m.

Froude believes that a NI 43-101 compliant mineral resource estimate is still down the road for Sokoman Minerals Corp. The company does not intend to publish any resource until it has been able to quantify the gold mineralisation of the Moosehead gold project to a higher degree of certainty.

“We are still finding these gems. Until we drill them out to the best of our ability, I don't think we're there yet. I'm going to be patient and not rush this thing because the minute you do a 43-101, it's just going to be out of date, and who knows the next hole that we drill, after putting that out won't be a 463 or a hole 39 or a hole 1 for that matter. I hate to say it but I don't think we're ready for a resource for a while yet.”

Sokoman Minerals Corp. plans to conclude with the current phase of drilling by Q3 2023 but will resume its drilling initiatives shortly thereafter. The company believes that through the drilling initiatives, it will be able to raise additional funds to further continue with its exploration initiatives, as Froude explains:

“There are no real plans to stop unless something earth-shattering happens, we happen to hit something really spectacular or there are some other events but no, we're just going to keep on going. We hope obviously that some of the results we look forward to getting, will allow us to either raise additional funds for continuing on that at higher share prices or even have a bunch of our warrants that are sitting out there come home to roost as well.”

Golden Hope Joint Venture

The Golden Hope project of the company is a 50% joint venture with Benton Resources Inc. The project holds a land position of approximately 78,650 hectares close to the Burgeo Highway in Southwestern Newfoundland. The company in the summer of 2021 discovered lithium-bearing pegmatite fields at the project, which it previously attributed as only a gold project. The Kraken pegmatite fields are evolved, and the pegmatite swarms are similar to the geological environment and setting of other large systems in the Appalachian belt. The systems show similarities to deposits held by Piedmont Lithium Inc. in the Carolinas and the Avalonia Project owned by Ganfeng Lithium Company Ltd. in Ireland.

Froude explains that the company intends to further the exploration of the project, with Sokoman Minerals Corp. and Benton Resources Inc. having discussed the possible size of the envisioned program.

“We're going to start with one drill but don't be surprised and I'm not speaking out of turn here, Steve and I did talk about this but once we get a few more, I can't even count them outstanding soil targets that we've got at the Kraken defined for drilling, that you'll see a second drill come in at the Lithium project.”

Sokoman Minerals Corp. on the 16^th of February 2023 published the final assay result from the phase 3 drill program, conducted in December 2022, at its Golden Hope joint venture project. The drilling totalled 1,607 m consisting of 11 drill holes and included the initial drilling at the project’s Killick Zone as well as the Kraken zone and the West Kraken zone. The Killick zone showed mineralisation of up to 0.64% Li₂O over 14.74 m and 1.04% Li₂O over 15.23 m. The Kraken zone showed mineralisation of up to 1.02  Li₂O over 2.10 m and 1.18% Li₂O over 2.10 m, with the Kraken West Zone showing 1.25% Li₂O over 1.50 m.

Exploration plans and increasing share price

Sokoman Minerals Corp. has a cash position of CAD$ 7.5 million in its treasury and plans to spend its funds on the exploration of its Golden Hope joint venture and its Moosehead gold project. Froude explains that the company intends to spend 25% of its funds towards its Golden Hope joint venture, with the intention being to add a second drill rig in Q2 or Q3.

“Right now it's about 25% for the Lithium, out of our CAD$ 7.5 million treasury. That is a minimum, I generally like to leave myself a lot of wiggle room because I don't want to run the tank dry. Obviously, you don't want to spend all your money and then go to the market with nothing in the bank, because then that leaves you vulnerable. So it'll be about 25% at least for the first half of the year, I think on the Kraken, simply because the second drill is something that I want to see at some point in Q2, Q3 moving forward with Kraken”

The majority of the company’s funds will be allocated towards the exploration of its Moosehead Gold project. The project according to Froude is still in its infancy with it holding great exploration potential.

“The bulk of the money will be spent on obviously the flagship project Moosehead, we've got to get to the bottom of this thing, and the wall is still open, we're still in discovery mode really at Moosehead as we are at Kraken which is very exciting to say.”

Sokoman Minerals Corp. believes that the greatest value addition activity it can conduct is the continued exploration of its projects. The company will in the coming year continue with its exploration initiatives, with Froude explaining that the Moosehead gold project has intercepted high-grade mineralisation in the majority of the holes drilled.

“I also really feel that in terms of appeal to the market, in terms of what's more likely to drive our stock moving forward. Is it putting out a resource or making new discoveries on the Moosehead project where we know high grades are in abundance. Every zone we have has a high grade in it except for 511, which only has a couple of holes in it. But I mean, all of our zones have high-grade so it's not like we're just one or two holes that we can keep referring to”

Froude believes that Sokoman Minerals Corp. is still in the discovery phase of its existence, with its asset portfolio providing ample opportunity to host various mineral deposits. Sokoman Minerals Corp. will continue to focus on its discoveries, which hold the highest value-addition potential for itself and its shareholders. 

“I think the attraction to Sokoman is the discovery mode that we're still in, even though we've been explorers at a couple of projects now for a few years. I think discoveries are still going to come at Moosehead, they're going to come at Kraken, and when we do decide to get our feet wet, really at Fleur De Lys, I think we're going to surprise people there as well.”

To find out more, go to the Sokoman Minerals website